Michael D'Arcy (Wexford, Fine Gael)
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The bank requires extra powers to protect the public against harm arising from dishonesty, malpractice breaches of ethics, or other improper conduct. The example we gave was that these restrictions could apply where the exercise of the right may interfere with the prevention, detection or investigation of breaches of the enforcement of compliance with financial services legislation. These regulations are vital to allow the Central Bank to investigate whether individuals in regulated financial service providers have committed wrongdoing to customers. The restrictions could also apply where, for example, the exercise of the right would disclose that the Central Bank of Ireland is carrying out certain tasks and that such disclosure may prejudice the achievement of a relevant objective.

To put this into context for the Senator, if the Central Bank is investigating an individual, and the individual may know of this, that individual could require under the General Data Protection Regulation, GDPR, to have all data relating to that person deleted. The issue here is to ensure that the Central Bank is allowed to investigate and to see somebody's financial services' past. It is something that is essential.